No Cap by CRE Daily

Season 6, Episode 4:

Season 6 of the No Cap Podcast continues with a deep dive into one of the most misunderstood sectors in commercial real estate. Jack and Alex sit down with Brian Finnegan, CEO of Brixmor Property Group, to unpack how grocery-anchored retail quietly became one of the most resilient asset classes in the market.

From tenant mix and small shop economics to redevelopment-driven growth, Brian breaks down what actually drives performance in today’s retail environment. He also explains how Brixmor has scaled its portfolio of open-air centers by focusing on necessity-based demand and adapting to shifting consumer behavior.

They also get into the reality behind e-commerce, why new retail supply has nearly disappeared, and how omnichannel strategies are reshaping leasing, operations, and long-term value creation across the sector.

Shoutout to our sponsor, Appfolio. The growth engine transforming how firms handle investor relations and distributions.

TOPICS

00:00 – Introduction to Brian Finnegan and Brixmor Property Group

02:30 – Career Origins: From Litigation Support to Sales Skills

09:09 – Massive Growth and Strategic Shifts (2004–2006)

14:13 – Partnership with Anchor Tenants and Redevelopment Strategies

15:35 – The Economics of Small Shops vs. Anchor Tenants

17:13 – The "Genetics" and Formula of a Modern Retail Center

18:48 – Health, Wellness, and Fitness Trends in Retail

19:07 – The Growth of "Medtail" and Service-Based Tenants

42:51 – The Future of Shopping Centers and Community Impact

49:00 – Leadership, Culture, and Opening New Markets

For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/

Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily

About No Cap Podcast

Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.

About CRE Daily 

CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Season 6, Episode 3: Season 6 of the No Cap Podcast continues with a masterclass in structured credit and securitized assets. Jack and Alex sit down with Chris Hentemann, the founder and CIO of 400 Capital Management, to explore how his firm navigates complex credit markets. Chris breaks down his firm's flexible approach to both performing and non-performing credit opportunities across residential and commercial mortgage credit.

From the mechanics of risk retention and "B pieces" to innovative builder finance structures, learn how 400 Capital identifies asymmetry in global markets. Chris explains how they’ve bridged the gap between bank balance sheets and private capital by creating partnerships that accommodate modern regulatory standards.

Shoutout to our sponsor, Appfolio. The growth engine transforming how firms handle investor relations and distributions.

TOPICS

00:00 – Introduction

00:43 – Chris Hentemann’s Career: From First Boston to the 2008 Crisis

06:37 – The Founding of 400 Capital and Early Investment Thesis

11:52 – Housing Finance, CRT Markets, and the Role of Private Capital

16:41 – Masterclass on Risk Retention: B Pieces and Asset Quality Control

22:13 – The Evolution of Banks: From Warehouse Lenders to Risk Partners

33:30 – Modern Underwriting: AI Integration and Investment Yield Math

43:37 – Strategy Spotlight: Builder Finance and Lot Financing Structures

48:33 – Global Expansion: European SRT Markets and Regulatory Capital Deals

56:56 – Macro Outlook: Rate Cycles, Inflation, and the Power of Volatility

For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/

Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily

About No Cap Podcast

Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.

About CRE Daily 

CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Season 6, Episode 2:

This week on the No Cap Podcast, we're sitting down with Ross Cooper — President & CIO of Kimco Realty (NYSE: KIM) — to talk about one of the most resilient asset classes in commercial real estate: grocery-anchored open-air retail.

Ross is a third-generation real estate operator whose grandfather Milton Cooper co-founded Kimco back in 1958. After 20 years rising through the investment side of the platform, Ross now leads one of the largest publicly traded REITs in North America. This conversation covers all of it — the origin story, the GFC, the "retail apocalypse" narrative, and how Kimco has quietly built one of the most durable portfolios in the business.

We get into how Kimco underwrites acquisitions (location + basis, always), why grocery anchors drive daily and weekly foot traffic that no other asset class can replicate, and how the four segments of the grocery market — traditional, discount, organic, and ethnic — each attract a distinct co-tenancy ecosystem.

 

Ross also breaks down Kimco's approach to redevelopment and densification, including 13,000+ multifamily units either built, under construction, or fully entitled across their portfolio, and why turning a sea of surface parking into a 25-story mixed-use tower can be additive — not disruptive — to the retail below.

We also cover Kimco's structured investment program in preferred equity and mezz financing, how they think about balance sheet discipline (including a decade-long push to earn an A-minus credit rating from all three agencies), and why new ground-up retail construction would require 50–60% rent increases in most markets just to pencil — a supply constraint that's quietly been one of the biggest tailwinds for existing center owners.

If you want to understand how a REIT that's been in the business since Eisenhower still finds mispriced assets, turns over capital intelligently, and thinks about what comes next — this episode is it.

Shoutout to our sponsor, Appfolio. The growth engine transforming how firms handle investor relations and distributions.

TOPICS

00:00 – Introduction

05:13 – Kimco’s First Deal and Early Mistakes

10:31 – Curating Tenant Mix Around the Customer

15:08 – Omnichannel Retail and Store Importance

19:44 – Capital Strategy and Debt Approach

25:00 – Portfolio Strategy and Market Positioning

30:00 – Leasing Strategy and Tenant Demand

35:00 – Redevelopment and Value Creation

40:00 – Retail Resilience and Market Outlook

45:43 – Development, Densification, and Closing Thoughts

For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/

Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily

About No Cap Podcast

Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.

About CRE Daily 

CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Season 6, Episode 1: Season 6 of the No Cap Podcast kicks off with a masterclass in Opportunity Zone (OZ) equity. Jack and Alex sit down with Jordan Brustein & Andrew Rudy from Ackman-Ziff to explore how they’ve carved out a unique niche in structured finance.

Jordan and Andrew break down the creative evolution of the OZ market, detailing innovative preferred equity structures that solve the 10-year hold challenge for developers. From ground-up developments to post-CO recapitalizations, learn how these capital market experts are resetting the clock on distressed assets and preparing for the next era of "OZ 2.0." Whether you're a developer or an investor, this episode is a must-listen for navigating today's complex financing environment.

Shoutout to our sponsor, Appfolio. The growth engine transforming how firms handle investor relations and distributions.

TOPICS

00:00 – Introduction

01:54 – Ackman-Ziff's History and Focus on Structured Finance

03:21 – Carving a Niche in the Opportunity Zone Space

04:35 – Structuring Preferred Equity for a 10-Year Hold

08:55 – Financing Ground-Up Development with OZ Pref

14:52 – The Math: 10-Year Outlook and Positive Leverage

18:05 – Opportunity Zone Fundamentals and Tax Benefits

21:28 – Strategic Recaps: Injecting New OZ Equity Post-CO

25:13 – Navigating Qualified Opportunity Zone Compliance

30:10 – OZ 2.0: Future Outlook and Global Gain Trends

37:21 – Case Study: $200M Recapitalization in Washington D.C.

48:41 – The Cycle of Common Equity vs. Private Credit

For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/

Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily

About No Cap Podcast

Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.

About CRE Daily 

CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Season 5, Episode 10: On this episode of the No Cap Podcast, hosts Jack Stone and Alex Gornik sit down with Michael Cohen, Principal at Williams Equities and a key figure in the Flatiron NoMad Partnership.

Drawing on his family’s nearly 100-year history in Manhattan real estate and his leadership within the brokerage world at Colliers, Michael shares how New York’s real estate ecosystem has evolved from family-run ownership models to today’s era of institutional capital and global brokerage consolidation.

Michael also breaks down the strategic thinking behind some of Manhattan’s most recognizable assets and neighborhoods—from the transformation of NoMad and the role of Business Improvement Districts to the redevelopment of the iconic Flatiron Building. The conversation explores how policy shifts like the City of Yes initiative, along with advances in technology, finance, and AI, could shape the next chapter of New York office and urban development.

Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals.

TOPICS

00:00 – Introduction

01:55 – The Many Michael Cohens & Williams Equities History

07:05 – Globalization and the Consolidation of Brokerage

11:51 – Public Models vs. Partnership Structures in CRE

19:01 – New York's Current Market State: A Virtuous Cycle

26:38 – The Rise of NoMad and Business Improvement Districts (BIDs)

37:21 – The Future of the Iconic Flatiron Building

40:31 – Portfolio Strategy: 1031 Exchanges and Value-Add Upside

55:01 – Institutional Capital and IRR vs. ROI Investing

For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/

Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily

About No Cap Podcast

Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.

About CRE Daily 

CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Season 5, Episode 9: On this episode of the No Cap Podcast, hosts Jack Stone and Alex Gornik sit down with Brandon Colombo and Rodes Boyd, co-founders of Bracket and sponsors of this season of the podcast. Drawing on their experience in brokerage and marketplace platforms like Ten-X, they break down why traditional CRE transactions remain slow, opaque, and inefficient—and how new digital platforms aim to fix that.

Brandon and Rodes explain how Bracket is building a marketplace designed to streamline the entire deal process, from pricing strategy and broker opinions of value to buyer discovery and execution. The conversation explores how technology, better data transparency, and AI-driven underwriting could expand buyer pools, speed up transactions, and change how properties trade across the commercial real estate market.

TOPICS

00:00 – Introduction

01:48 – Solving CRE Info Gaps and Transaction Pain

03:48 – Lessons from 10X and Auction Gaps

07:13 – Bringing Institutional Process to Mid-Markets

13:16 – From Manual Brokerage to Tech Platform

21:49 – Pricing Strategy: AI and "Buying the Listing"

28:38 – Selling Transparency Over Price

38:53 – Client Consulting: Data-Driven Trust Building

For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/

Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily

About No Cap Podcast

Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.

About CRE Daily 

CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Season 5, Episode 8: On this episode of the No Cap Podcast, Jack Stone and Alex Gornik sit down with Chris Salerno, founder of QC Capital, to break down how he underwrites across multiple real estate verticals and why car washes have quietly become one of the most interesting operating-heavy “real estate plus business” hybrids in the market. Chris explains what actually drives performance in the car wash business, from site selection and membership economics to cost pressures like water and chemicals, and why QC focuses on a more efficient model with shorter tunnels and lower all-in development costs.

The conversation also dives into small bay industrial in the Southeast, why the space is heating up, and how Chris thinks about risk as multifamily rent growth slows and the easy era of cap-rate compression fades. A practical, operator-driven look at where real estate returns are really coming from today.

Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals.

TOPICS

00:00 – Intro And Why QC Invests Across Verticals

04:36 – Chris’ Background And How QC Capital Started

08:22 – First Deals: Brokers, Capital, And Getting A Loan Without A Track Record

12:47 – Why QC Moved Beyond Multifamily

13:56 – Why Car Washes: Cash Flow, Tax Benefits, And Vertical Integration

16:44 – Why Multifamily Could Stay Tough Over The Next Cycle

19:15 – The Liquidity Fund: Short-Term Real Estate-Backed Yield

21:38 – Car Wash Fundamentals: Tunnel Design, Equipment, And Build Costs

27:30 – Operations Reality: Water, Chemicals, Staffing, And Automation

34:53 – Small Bay Industrial: Demand, Rents, And Why It’s Heating Up

For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/

Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily

About No Cap Podcast

Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.

About CRE Daily 

CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Season 5, Episode 7: Season 5 keeps going with a look at where capital is really moving as the market works through its next phase. Jack and Alex are joined by Matt Brody, Managing Director and Head of Real Estate Capital Formation at Canyon Partners, one of the most active firms in real estate credit and special situations.

They get into how Matt’s experience during the GFC shaped his approach to capital raising, how Canyon thinks about structured credit and recapitalizations, and why today’s opportunity set looks more like quiet, intermediated stress than headline distress. The conversation also covers what LPs are prioritizing right now, why credit is back in focus, and what the wall of maturities could mean for the next stretch of the cycle.

Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals.

TOPICS

00:00 – Intro And Canyon’s Role In Real Estate Credit

02:50 – Matt’s Path Into Real Estate And The GFC Years

06:00 – From Walton Street To Angelo Gordon To Canyon

09:40 – How Canyon Thinks About Credit Vs Equity

14:10 – What LPs Are Looking For Right Now

18:20 – The Wall Of Maturities And Private Credit Demand

23:40 – Macro Vs Micro Data And Reading The Market

28:10 – Multifamily, Housing, And Quiet Distress

33:20 – Structuring Capital Solutions In Today’s Market

39:20 – 2026 Outlook, Refis, Recaps, And What Comes Next

For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/

Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily

About No Cap Podcast

Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.

About CRE Daily 

CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Season 5, Episode 6: In this episode of Season 5, Jack and Alex are joined by Alex Samoylovich, co-founder of CEDARst Companies, a developer known for leaning into projects most operators avoid. Alex walks through how CEDARst was built by focusing on adaptive reuse, historic redevelopment, and complex deals that require creativity across both capital and execution.

The conversation digs into why complexity became the strategy, how overlooked buildings turned into scalable opportunities, and what actually breaks deals when markets tighten. A grounded look at development from someone who’s spent years solving hard problems, not chasing easy ones.

Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals.

TOPICS

00:00 – Intro and Setting the Stage

05:20 – Alex’s Nontraditional Path Into Development

09:40 – Early Deals and Learning Through Adaptive Reuse

15:30 – Why Complexity Became the Strategy

21:10 – Capital Stacks, Risk, and Creative Structuring

27:40 – Scaling From Local Projects to a National Platform

33:50 – Markets, Mistakes, and Hard Lessons

40:20 – Where Adaptive Reuse Still Works

46:30 – What Development Looks Like From Here

For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/

Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily

About No Cap Podcast

Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.

About CRE Daily 

CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Season 5, Episode 5: In this episode of Season 5, Jack and Alex sit down with Bill Sexton, CEO of Trimont, the largest independent commercial real estate loan servicer in the US. With Trimont now touching roughly 11% of all CRE debt nationwide, Bill offers a rare look into the mechanics behind servicing, workouts, and credit decision-making at scale.

Bill walks through how servicing actually works, why distress is emerging unevenly across multifamily, office, and lodging, and what the data is signaling beneath the headlines. The conversation also digs into extensions, refinancing risk, and how lenders are navigating the back half of this cycle.

Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals.

TOPICS

01:00 – Bill’s Background and Entry Into Credit

06:30 – What Loan Servicers Actually Do

10:00 – Private vs. Public Credit Servicing

18:55 – Multifamily Stress Signals

26:40 – Office Risk and Capital Costs

31:40 – Lodging and Other Trouble Spots

38:45 – Extensions, Refinancing, and the Data

41:00 – Where We Are in the Cycle

46:50 – Culture, Scale, and Building Trimont

For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/

Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily

About No Cap Podcast

Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.

About CRE Daily 

CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.